Renewable Identification Numbers, credits that show compliance with the Renewable Fuel Standard were discussed lower Friday afternoon, quickly extinguishing a late Thursday afternoon relief rally sparked by the resignation of Scott Pruitt as Environmental Protection Agency administrator. Market participants said they were divided as to whether or not soon to be EPA Administrator Andrew Wheeler would change current ethanol policies, which has led to a rapid erosion of RIN values in 2018. Wheeler, EPA's deputy administrator, moves to the top slot on Monday (7/9).
In holiday-thinned trading, 2018 D6 RINs were discussed at 24.0cts to 25.0cts, down 3.0cts following a 6.0cts advance Thursday. 2018 D4 biomass-based diesel RINs were a penny less in a 45.5cts to 46.5cts spread, after gaining 4.0cts Thursday.
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